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16. Each partner in a general partnership must have a(n)
A. equal share of any profits and losses.
B. equal share of control over the partnership.
C. share of any profits and losses.
D. right to compete with the partnership, even if that violates the partner’s fiduciary duty.
17. Which of the following is true?
A. A shareholder meeting is the same as a board of directors meeting.
B. A common quorum requirement is that more than half of those entitled to vote at a meeting must be present at the meeting.
C. An agent for service of process can’t accept a complaint pleading for a lawsuit against his principal.
D. Special meetings of shareholders or directors don’t require notice to be sent, but notice is required for regular meetings.
18. The certificate of formation for an LLC includes
A. material similar to what’s found in a corporation’s bylaws.
B. material similar to what’s found in a corporation’s articles of incorporation, such as name, term, and agent for service of process.
C. material similar to what’s found in a corporation’s articles of incorporation, such as a description of the amount of capital contribution, and rules for appraising the value of the entity.
D. the identity of any limited partners.
19. Sean and William, who own a corporation together, want to open a branch office in a neighboring state. In this situation a paralegal would most likely help them
A. obtain a certificate of authority.
B. obtain tax-exempt status.
C. The paralegal and the law firm can’t help them because Sean and William’s interests clearly conflict in this matter.
D. obtain a corporate minute book.
20. Larry wants to help his son’s partnership. However, he doesn’t want to risk more than the Christmas bonus he received last year of $11,000. He can
A. do nothing—there’s no way to accomplish his objective.
B. become a limited partner, or a creditor who loans the money to the partnership.
C. contribute the $11,000 as a general partner.
D. contribute the $11,000 as a limited partner but keep an eye on his investment by insisting on being elected the managing partner.